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what it is
Ennis prints business forms, checks, labels, tags, and other custom paper products for companies.
how it gets paid
Last year Ennis made $395M in revenue. Business forms and checks was the main engine at $155M, or 39% of sales.
why growth slowed
Revenue fell 6.1% last year. 31.2% gross margin mattered most. It says the company kept enough pricing and mix to protect profit.
what just happened
Revenue hit $296M, EPS reached $1.31, and gross margin held at 31.2%.
At a glance
B++ balance sheet — above average — nothing keeping you up at night
75/100 earnings predictability — reasonably predictable
20.2x trailing p/e — priced about right
4.7% dividend yield — cash in your pocket every quarter
13.3% return on capital — nothing to write home about
xvary composite: 59/100 — below average
What they do
Ennis prints business forms, checks, labels, tags, and other custom paper products for companies.
Ennis runs 57 manufacturing plants in 20 states. That gives you local production, not one giant warehouse. And 94% of output is custom or semi-custom, so your order is built to your spec, not a shelf.
How they make money
$395M
annual revenue · their business grew -6.1% last year
Business forms and checks
$155M
Custom labels and tags
$90M
Presentation folders
$55M
Point-of-purchase ads and kitting
$50M
Other print and fulfillment
$45M
The products that matter
core printed forms and payment documents
Business Forms & Checks
~$277M · about 70% of revenue
this is still roughly $277M of a $395M business. it pays the bills, and it is the part most exposed to customers abandoning paper.
main revenue engine
promotional products and custom print
Promotional Items & Custom
~$79M · about 20% of revenue
at roughly $79M, this segment matters because it is large enough to soften decline elsewhere. it is not large enough to replace the legacy business.
diversification, not reinvention
labels, envelopes, and other print products
Other Print Products
~$39M · about 10% of revenue
this bucket is about $39M. useful, steady, and far too small to carry the company if forms decline faster.
supporting revenue
Key numbers
$395M
annual revenue
This is the top line. It tells you the company is still a $395M business, not a hobby with a ticker.
17.4%
operating margin
This is the profit left after running the business. A 17.4% margin is solid for a printer.
4.7%
dividend yield
This is the cash payout versus the share price. You get paid to wait while the stock stays sleepy.
$6M
long-term debt
This is the part that keeps the balance sheet calm. $6M is tiny beside $395M of sales.
Financial health
B++
strength
- balance sheet grade B++ — above average financial health
- risk rank 4 — safer than 20% of stocks
- price stability 95 / 100
- long-term debt $6M (1% of capital)
B++ — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for EBF right now.
source: institutional data · return history unavailable
What just happened
beat estimates
Revenue hit $296M, EPS reached $1.31, and gross margin held at 31.2%.
Revenue was up 196% vs. prior year, and EPS was up 212% vs. prior year. Gross margin at 31.2% shows the mix did not fall apart.
$99M
revenue
$1.31
eps
31.2%
gross margin
the number that mattered
31.2% gross margin mattered most. It says the company kept enough pricing and mix to protect profit.
source: company earnings report, 2026
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What could go wrong
the #1 risk is paper forms and checks shrinking faster than ennis can replace them.
med
core demand keeps moving to digital
about 70% of revenue, or roughly $277M, still comes from business forms and checks. total company revenue already fell 6.1% last year.
if that core declines faster, the smaller promotional and other print lines will cushion the hit, not stop it.
med
succession risk is real
the CEO is 76, and two senior roles — VP of Administration and Chief Revenue Officer — retired in 2025 without replacement.
in a no-growth business, capital allocation and cost control are most of the job. leadership transitions matter more here than at a fast grower.
med
the distributor-only model limits offense
ennis sells only through authorized distributors. that's the route to market for effectively 100% of revenue.
you get channel reach without building a direct sales force, but you also depend on intermediaries to keep pushing print instead of digital substitutes.
a revenue base of $395M with an 11.01% margin looks stable today. if sales keep falling and margin slips below 10%, the dividend story gets much less comfortable very quickly.
source: institutional data · regulatory filings · risk analysis
Pay attention to
margin
whether 11.01% net margin holds
this is the number keeping the stock from being treated like a plain melting-ice-cube business. if margin breaks, the 20.2x multiple looks generous.
calendar
next quarterly earnings report
watch whether revenue decline stays around 6.1% or worsens. same business, same customer base, same question.
succession
management bench after 2025 retirements
if the company starts filling senior roles or talks more clearly about long-term leadership, that reduces one of the most avoidable risks on the page.
price action
whether the move above the 200-day average sticks
the stock has traded better than the revenue trend lately. if that technical strength fades, yield buyers may be the only support left.
Analyst rankings
earnings predictability
75 / 100
results have been fairly steady. in human-speak, analysts think this business erodes in a predictable way.
price stability
95 / 100
the stock has been much steadier than most small caps. that's helpful if you own it for yield, not if you need growth.
risk rank
4
the low debt helps, but the business model still carries real operating risk because the end market is shrinking.
source: institutional data
Institutional activity
institutional ownership data for EBF is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$21
current price
n/a
target midpoint · n/a from current
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